TerraX Minerals Inc. (TXR:TSX.V) has released further assay results from the company's summer field program on the Yellowknife City gold project, reporting that new targets in mafic volcanic geology returned assays as high as 171.0 grams per ton (g/t) gold.
On the Rater Lake zones the assays returned 171 g/t Au, 5.60 g/t Au, 5.29 g/t Au and 4.49 g/t Au, and 72.0 g/t Au, 52.5 g/t Au, 29.0 g/t Au and 12.95 g/t Au on the Gull Lake zone.
"The results of our summer fieldwork continue to feed our pipeline of drill targets," stated David Suda, TerraX's president and CEO. "It is highly encouraging to see surface results which extend potential strike to the Giant mine structure."
"TerraX continues to build significant gold resources through the drill bit and now acquisitions. It's a top recommendation at current low levels." - Brien Lundin, editor of Gold Newsletter
"These gold zones are interpreted as being the continuation of the Giant mine gold system," stated the company. "The Rater Lake structure has been followed for 300 meters north and then appears to be offset to the west on the Akaitcho fault, possibly continuing as the Gull Lake structure for another 1,200 meters north. A second subparallel zone appears on the south side of Rater Lake with high-grade values up to 171 g/t Au. The multiple gold-bearing structures in this area enhance the expanding resource potential of the Northbelt Core gold area."
Assay values at Gull Lake and Rater Lake range from grab sampling range from nil to a high of 171.0 g/t Au.
"Sampling included insertion of certified standards and blanks into the stream of samples for chemical analysis. Samples were prepared at ALS Chemex's laboratory in Yellowknife and shipped to its Vancouver facility for gold analysis by fire assay and other elements by inductively coupled plasma analysis,” stated TerraX. "ALS is a certified and accredited laboratory service. It should be noted that, due to their selective nature, assay results from grab samples may not be indicative of the overall grade and extent of mineralization on the subject area."
The company also announced that Altamira Gold Corp. (ALTA:TSX.V; EQTRF:OTCBB) has signed a binding agreement with Terrax for the sale of Altamira's 100% interest in the Tom and Sickle claims located in the Northwest Territories of Northern Canada.
"As part of the agreement, Terrax will pay Altamira a total of $25,000 cash and 250,000 shares of Terrax. Altamira will retain a 2% net smelter returns royalty. The agreement is subject to the approval of the TSX Venture Exchange and is expected to close by the end of September," noted TerraX.
The Tom Mine produced gold from 1985-1977. TerraX noted that "when the mine closed in 1997 the veins were still open at depths below the current mine workings."
The Sickle property historically has gold showings with values up to 4 g/t.
TerraX is on the radar screen of some industry observers. Gwen Preston, writing in Resource Maven on Sept. 19, noted, "The work TerraX is doing at the YCGP [Yellowknife City Gold Project] is continuing to outline significant targets for future drilling. It will take a while for this story to fully evolve, but the scale of the property and the potential overlooked by past operators make TerraX a story we'll want to hold onto into the next exploration season."
Brien Lundin of Gold Newsletter stated, "When gold prices take off, the biggest and quickest winners will be juniors with large, identified resources and potential. TerraX continues to build significant gold resources through the drill bit and now acquisitions. It's a top recommendation at current low levels."
1) John McPhaul compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an employee. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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